ELI LILLY & Co — Director's Dealing 2006

May 12, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-11

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-11	1-Common Stock	S	1100	$51.45	Disposed	145319704	Direct
2006-05-11	2-Common Stock	S	100	$51.41	Disposed	145319604	Direct
2006-05-11	3-Common Stock	S	2200	$51.38	Disposed	145317404	Direct
2006-05-11	4-Common Stock	S	100	$51.37	Disposed	145317304	Direct
2006-05-11	5-Common Stock	S	1100	$51.36	Disposed	145316204	Direct
2006-05-11	6-Common Stock	S	300	$51.31	Disposed	145315904	Direct
2006-05-11	7-Common Stock	S	2800	$51.30	Disposed	145313104	Direct
2006-05-11	8-Common Stock	S	1600	$51.29	Disposed	145311504	Direct
2006-05-11	9-Common Stock	S	5000	$51.28	Disposed	145306504	Direct
2006-05-11	10-Common Stock	S	6100	$51.27	Disposed	145300404	Direct
2006-05-11	11-Common Stock	S	15000	$51.26	Disposed	145285404	Direct
2006-05-11	12-Common Stock	S	17600	$51.25	Disposed	145267804	Direct
2006-05-11	13-Common Stock	S	11800	$51.24	Disposed	145256004	Direct
2006-05-11	14-Common Stock	S	13400	$51.23	Disposed	145242604	Direct
2006-05-11	15-Common Stock	S	7200	$51.22	Disposed	145235404	Direct
2006-05-11	16-Common Stock	S	7100	$51.21	Disposed	145228304	Direct
2006-05-11	17-Common Stock	S	7900	$51.20	Disposed	145220404	Direct
2006-05-11	18-Common Stock	S	8800	$51.19	Disposed	145211604	Direct
2006-05-11	19-Common Stock	S	4900	$51.18	Disposed	145206704	Direct
2006-05-11	20-Common Stock	S	5900	$51.17	Disposed	145200804	Direct
2006-05-11	21-Common Stock	S	1700	$51.16	Disposed	145199104	Direct
2006-05-11	22-Common Stock	S	6000	$51.15	Disposed	145193104	Direct
2006-05-11	23-Common Stock	S	1000	$51.14	Disposed	145192104	Direct
2006-05-11	24-Common Stock	S	7400	$51.12	Disposed	145184704	Direct
2006-05-11	25-Common Stock	S	1000	$51.11	Disposed	145183704	Direct
2006-05-11	26-Common Stock	S	1300	$51.10	Disposed	145182404	Direct
2006-05-11	27-Common Stock	S	6300	$51.09	Disposed	145176104	Direct
2006-05-11	28-Common Stock	S	5300	$51.08	Disposed	145170804	Direct